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all of those americans too get a tax cut on that finramework. in some sense it is a tax cut for all americans. >> bottom line, we are talking today but we are still at stalemate. a phone call is big news between these two. >> we are hearing about senate republicans, what are you hearing, how significant is it. it is significant for a couple of reasons. these three republicans in different ways suggested that they would be okay with what most republicans are saying that they are not okay with. raising tax rates for the wealthy. he is the most conservative not just fiscally. the way these things tend to go, is that there is a little bit of a crack and that tends to send the other cracks into what is now a solid opposition and we will see how that goes. we are talking about senate republicans and the key thing that we have to watch is house republicans. if something can't get through the house, then it can't get through congress. >> david, what do you make of this situation? do you you think we are closer to a deal? listen, the political theater su
all of those americans too get a tax cut on that finramework. in some sense it is a tax cut for all americans. >> bottom line, we are talking today but we are still at stalemate. a phone call is big news between these two. >> we are hearing about senate republicans, what are you hearing, how significant is it. it is significant for a couple of reasons. these three republicans in different ways suggested that they would be okay with what most republicans are saying that they are not...
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bhoener came up with a tax revenue plan. he said let's cap deductions and loop holes and leave these alone because that hopes growth. and he got nothing. nothing from boobama and i thin that started the bad blood. >> they both have to learn the art of negotiation. >> i'm going to guarantoo you that the democrats are going to be split. >> i'm going to leave it there. nick, larry, thank you very much indeed. >> coming up next. kerry kennedy talks about. anne's tablet was chatting with a tablet in sydney... a desktop in zurich... and a telepresence room in brazil. the secure cloud helped us get some numbers from my assistant's pc in new york. and before i reached the top, the board meeting became a congrats we sold the company party. wait til my wife's phone hears about this. [ cellphone vibrating ] [ female announcer ] with cisco at the center, working together has never worked so well. everything about the oral-b power brush is simply revolutionary. our unique brush head cleans in three directions with up to 50% more brush mo
bhoener came up with a tax revenue plan. he said let's cap deductions and loop holes and leave these alone because that hopes growth. and he got nothing. nothing from boobama and i thin that started the bad blood. >> they both have to learn the art of negotiation. >> i'm going to guarantoo you that the democrats are going to be split. >> i'm going to leave it there. nick, larry, thank you very much indeed. >> coming up next. kerry kennedy talks about. anne's tablet was...
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a promise to never raise taxes. at one point, not signing would have been political suicide for republicans, but now, fears about the fiscal cliff and america's debt are pushing some seen here to renounce the pledge. i've been highlighting members of congress who have recently said they're getting over grover. one, tom cole, says he is not bound anymore. representative cole, you wrote allowing taxes to rise for the top bracket may seem acceptable by comparison, but this path would be enormously damaging for the economy. which meant you weren't going to do it. now, you've been urging your fellow congressmen to at least extend the bush era tax cuts to those making less than $250,000 and then do battle over tax cuts for the wealthy later. what has changed your mind? >> frankly, nothing, and you've mischaracterized my position. i'm not for raising tax rates on anybody. it's going to slow down, hurt rates. that's my position. not just because i signed a pledge, because that's what i believe. what i have said is we agree
a promise to never raise taxes. at one point, not signing would have been political suicide for republicans, but now, fears about the fiscal cliff and america's debt are pushing some seen here to renounce the pledge. i've been highlighting members of congress who have recently said they're getting over grover. one, tom cole, says he is not bound anymore. representative cole, you wrote allowing taxes to rise for the top bracket may seem acceptable by comparison, but this path would be enormously...
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one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other area that democrats want to raise taxes are on investment income, things like capital gains, dividend income. now, those will jump significantly. here's the thing. very few of these benefits affect middle class workers. it does affect the higher income earners and the question you have to ask is will it affect their spending patterns and the thinking amongst democrats and among many liberal economists is that you don't spend the marginal money that you earn in the same way you spend the core money that you earn, so the im
one is income tax, right? right now, the highest earners, those households that earn more than a quarter million dollars a year, pay a higher tax rate on the marginal amount, the amount above the $250,000 a year. so we're talking about taking that rate from 36% to 39.6% if we even go there. that hasn't even been negotiated yet but that's 3.6% on every dollar you earn above $250,000. there are not a lot of studies that suggest that that would have catastrophic effects on the economy. the other...
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increasing marginal tax rates. limit the deduction for people above a certain level. let them be treated just like me. i'm subject to amt. let them only get deductions really for charitable contributions and for interest on a mortgage. you know, on medicare, start making more means testing for medicare premiums. right now, 95% of people get a 75% subsidy for their premium, irrespective of income and wealth. start having more means tested premiums for people above a certain level. there's a way to bridge this to a grand bargain. they need to get to work. >> david gergen, david walker, just gave you at least a short term path. but, but to get that short term path at least in the short term, sounds like the president would have to give up that trophy, the higher rates in the short term. you've advised four presidents, democrats and republicans. do you think this president is ready to do that? >> i'm not so sure, john. i have to tell you that over the last two years, i think it was the republicans who showed an arrogan
increasing marginal tax rates. limit the deduction for people above a certain level. let them be treated just like me. i'm subject to amt. let them only get deductions really for charitable contributions and for interest on a mortgage. you know, on medicare, start making more means testing for medicare premiums. right now, 95% of people get a 75% subsidy for their premium, irrespective of income and wealth. start having more means tested premiums for people above a certain level. there's a way...
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it's a tax on show business. >> you have a very different opinion than i do. my attitude is the business is better if all of them were gone. >> really? >> press a button tomorrow and press them down a swirling sewer vortex, i would do it. where's the button? hand it to me now. >> what if they said -- >> somebody on the crew is laughing. >> no more publicity in any newspaper or magazine for anything you do. >> that's not practical. people you will have publicity. listen. i'm not opposed to even though i'm not ecstatic about the entertainment journalism that's out there and cheapens show business and demystifies show business and the once you typically call a gotcha journalism, that's one i think we can all do without. >> mike tyson had a good way of resolving somebody. he said, a photographer at lax. what was the fallout? paparazzi are really good to me. really? let me give them a right hook. let's talk about more cheerful matters. "saturday night live." you've done 16 of these. you're the king of "snl." i want to talk to the king. ericans believe they should b
it's a tax on show business. >> you have a very different opinion than i do. my attitude is the business is better if all of them were gone. >> really? >> press a button tomorrow and press them down a swirling sewer vortex, i would do it. where's the button? hand it to me now. >> what if they said -- >> somebody on the crew is laughing. >> no more publicity in any newspaper or magazine for anything you do. >> that's not practical. people you will have...
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the one issue for them is tax rates. they say, if the republicans break on that, when they break on it, they believe they will, everything else gets done very quickly. of course, the republicans see it differently. just adding quickly on that point david gergen made. the white house explicitly came out today saying, point-blank, they want a it would two-step process for tax reform, raise the top 2% to the clinton levels now. and let next year be a time for negotiating rates for the future and maybe everybody could lower the rates for everyone during that time. >> dana, how much of this do you think is just public posturing and kind of bloviating on cable channels? it does seem like there's a lot of that going on. >> reporter: so much of that is public posturing and bloviating. but i think the difference between now and what we've seen in past high-stakes negotiations like this, you have the public posturing, the bloviating and the, okay, guys, let's roll up our sleeves and talk about what's really going on. by all accoun
the one issue for them is tax rates. they say, if the republicans break on that, when they break on it, they believe they will, everything else gets done very quickly. of course, the republicans see it differently. just adding quickly on that point david gergen made. the white house explicitly came out today saying, point-blank, they want a it would two-step process for tax reform, raise the top 2% to the clinton levels now. and let next year be a time for negotiating rates for the future and...
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he's in the news for facing jail and being arrested over some tax dodging thing. what can you say about that? >> two things. one is i don't think he's going to go to jail. i know he's in a negotiated settlement and things that were online, that's what media today does. they try to tilt it the way they need it to be to sell copies and sell online hits to their sites. we're talking about him being arrested and taken into custody. this was all prearranged for him with the d.a. to go in and make an appearance. they've got to shake him down and walk that gauntlet even though steps have been made. down payments have been paid. when you have far less money than you need and you have far more money than you need they're both equal in terms of how easy it is to get into trouble. the only people who walk down the line seem to keep that right. i have so many friends of mine who annualize their income. they make a lot of one money and assume it will carry on many, many years. those people end up spending the money they would have to segregate into a tax account. my brother is
he's in the news for facing jail and being arrested over some tax dodging thing. what can you say about that? >> two things. one is i don't think he's going to go to jail. i know he's in a negotiated settlement and things that were online, that's what media today does. they try to tilt it the way they need it to be to sell copies and sell online hits to their sites. we're talking about him being arrested and taken into custody. this was all prearranged for him with the d.a. to go in and...
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if taxes only mean the tax, the income tax portion of tax burden for four-fitz four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. not just income tax. that's if law makers can decide on a plan to avoid the fiscal cliff. so coming up next, i'm going to talk about a deduction that america loves, you probably love, but might be taken away. who do you think i am, quicken loans? ♪ at quicken loans, our amazingly useful mortgage calculator app allows you to quickly calculate your mortgage payment based on today's incredibly low interest rates... right from your iphone or android smartphone. one more way quicken loans is engineered to amaze. ♪ a regular guy with an irregular heartbeat. the usual, bob? not today. [ male announcer ] bob has afib: atrial fibrillation not caused by a heart valve problem, a condition
if taxes only mean the tax, the income tax portion of tax burden for four-fitz four fifths of the country, you're talking about something that doesn't matter that much. and in a democracy, you cannot be a successful party if you talk about things that don't matter that much to four fifths of the country. >> all right, your paycheck, your investment, your home, they may all be taxed a bit differently next year. not just income tax. that's if law makers can decide on a plan to avoid the...
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instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of the congress. we are ready and eager to talk to the president about such a plan. >> mr. speaker, you did speak with the president earlier this week. can you characterize that call? did he have any kind of counteroffer? also, we understand that he just is making clear that it is -- got to be increase in rates for the wealthy or no deal. are you willing to give a little bit, maybe just not all the way to 39.6? >> it was the -- the phone call was pleasant. but it was just more of the same. the conversations -- the staff had yesterday just more of the same. it is time for the -- president, if
instead of reforming the tax code, cutting spending, the president wants to raise tax rates. even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has a spending problem. not a receive knew problem. the president doesn't agree with our proposal, i believe that he's got an obligation to families and small businesses to offer a plan of his own. a plan that can pass both chambers of...
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cuts they agree on for everybody below $250,000 and just work next year on tax reform and see if they can get the top rate down again. it's hard to think that's not going to be where they end up, so why not make it clean instead of ugly. >> i think that it is true that many republicans are saying privately what tom cole said on this show, that they believe the politically expedient and right thing to do now is just to cut their losses, agree to tax rates going up for the most wealthy and really try for significant tax reforms so that 39.6% is going to be moot. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria poisoning. contaminated food sickens about 48 million a year. 3,000 di
cuts they agree on for everybody below $250,000 and just work next year on tax reform and see if they can get the top rate down again. it's hard to think that's not going to be where they end up, so why not make it clean instead of ugly. >> i think that it is true that many republicans are saying privately what tom cole said on this show, that they believe the politically expedient and right thing to do now is just to cut their losses, agree to tax rates going up for the most wealthy and...
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million, then can you have the highest tax rate. i don't think you should be taxing people at the highest rate earning $250,000 a year in the moderate world. >> let's talk about guns. bob costas this week, he got into hot water for going at halftime in a football match and talking about gun control. a lot of debate about this on the show. i have strong feelings. i come from a country where we have strict gun control and very few gun murders and we don't have a constitution. many here believe it entitles them to bear arms, in other words, to have a fire arm. what is your view? and should politicians led by the president be doing more to try to at least limit some form of weapon? >> i'm in favor of people owning guns. but i'm in favor of there being the most arduous process for them to qualify to own that gun. we license many things in our society. you can't walk into a store and get all the drugs you need. you could be in agonizing pain and still have to go to a hospital and stand in line and get a prescription from a pharmacist. we
million, then can you have the highest tax rate. i don't think you should be taxing people at the highest rate earning $250,000 a year in the moderate world. >> let's talk about guns. bob costas this week, he got into hot water for going at halftime in a football match and talking about gun control. a lot of debate about this on the show. i have strong feelings. i come from a country where we have strict gun control and very few gun murders and we don't have a constitution. many here...
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that offer includes an $800 billion in tax revenue but does not include any tax increase on the wealthiest americans. >>> also, our own dana bash, our congressional correspondent asked john boehner why republicans met today to talk about the fiscal cliff and then are going to go home after the meeting and await for the president's response. here's what mr. boehner said. >> reporter: today's wednesday and the house is going to leave today with two days left in the week. i understand that you are saying that there's no legislation that's been on the floor. but when it comes to just pure optics of the house leaving with the fiscal cliff right in front of us -- >> i'll be here and i'll be available at any moment to sit down with the president to get serious about solving this problem. >> mr. speaker, does the conference perhaps realize that you don't seem to be negotiating in all of this? >> our members believe strongly that raising tax rates will hurt the economy. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising rates. because raising
that offer includes an $800 billion in tax revenue but does not include any tax increase on the wealthiest americans. >>> also, our own dana bash, our congressional correspondent asked john boehner why republicans met today to talk about the fiscal cliff and then are going to go home after the meeting and await for the president's response. here's what mr. boehner said. >> reporter: today's wednesday and the house is going to leave today with two days left in the week. i...
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was running around beginning to enforce ayatollah style his edict about taxes. >> ayatollah finally took to twitter to apologize. norquist's wife is a palestinian muslim. it was with great
was running around beginning to enforce ayatollah style his edict about taxes. >> ayatollah finally took to twitter to apologize. norquist's wife is a palestinian muslim. it was with great
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you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on the economic fortunes of this country. and if you take the vast majority of small businessmen who will be hit with an increased tax rate, you're going to markedly decrease the job creation and capital formation in this country. >> let me ask you another question, one of the things we talked about on both sides, i think it's fair to say is the lack of details. and second geithner was out trying to defend some of the details in his plan over the weekend. this letter also has very few details. i'm curious to know exactly what loopholes, what deductions would you kill
you said, i'm all for the wealthy paying more taxes. so i'm curious, since you've said that, why the reduck tans to just raise the tax rate on the wealthy? >> it destroys growth of the very people who are going to create additional revenues in the future. >> why say you would be all for it? >> i didn't ever say -- not one timedy say i was for raising tax rates on the wealthy. i said i was for increasing the taxes that the wealthy paid. how you do it will have a major impact on...
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if the tax break goes away as part of the so-called fiscal cliff they could be taxed on the $95,000 as additional income starting in 2013. >> how much homeowners will owe on that amount depends on the tax bracket they are in. on average it would be $20,000 to $25,000. banks have extra incentive to sell short and absorb the loss. under the act that went in this year the nation's biggest lenders get a credit on short sales. foreclosures also sell for $30,000 less than homes sold via short sales. expect short sales to jump more as homeowners look to avoid getting hit with taxes and banks look to avoid getting stuck with properties. if we go over the cliff the tax bill homeowners face with the short sale may be steep enough to walk away instead. that would push foreclosure rates higher in 2013. for smart is the new rich i'm christine romans. >> coming up, a huge legal headache for pop star shakira. she's being slapped with a $100 million lawsuit by her ex-boyfriend and former business partner. does he have a case? our legal guys share their thoughts. americans believe they should be in cha
if the tax break goes away as part of the so-called fiscal cliff they could be taxed on the $95,000 as additional income starting in 2013. >> how much homeowners will owe on that amount depends on the tax bracket they are in. on average it would be $20,000 to $25,000. banks have extra incentive to sell short and absorb the loss. under the act that went in this year the nation's biggest lenders get a credit on short sales. foreclosures also sell for $30,000 less than homes sold via short...
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said, look, instead of raising the tax rates why don't we close loopholes in the tax system, make the tax system more efficient and stop picking winners and losers. i think that's the latest offer the republicans have put on the table. they're not opposed to a tax increase. they're basically saying let's do it the right way in a way that doesn't hurt the economy. >> yeah, but stephen, you could close every loophole that's out there and that wouldn't make up for our deficit. >> no, but the president's plan of raising taxes on the rich, let's assume even he has his way. let's assume republicans go along with his plan. that at best raises about $70 billion a year. that leaves us with a trillion dollar deficit. this puts the president i think in a little bit of a hole. if the republicans give his way, what's plan "b"? what do we do next to deal with the deficit? the president and tim geithner basically this weekend said we've got plans to cut entitlements by 400 bill or ion 500 billion dollars. that's over ten years. we have a much bigger hole than i think anyone in washington is willing
said, look, instead of raising the tax rates why don't we close loopholes in the tax system, make the tax system more efficient and stop picking winners and losers. i think that's the latest offer the republicans have put on the table. they're not opposed to a tax increase. they're basically saying let's do it the right way in a way that doesn't hurt the economy. >> yeah, but stephen, you could close every loophole that's out there and that wouldn't make up for our deficit. >> no,...
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it's always easy for somebody to say let's tax the other guy, not me. i think part of the situation is going to be deciding revenue enhancements, whether that's closing loopholes or raising rates or as we've done in utah, grow the economy which is another way to increase revenue, and there's a debate on what cuts are going to be made and are entitlements on the table. so i expect that's going to be part of the discussion. what we're wanting to say to the congress and the president today, though, as a state, we want you to get it done. compromise ought not to be a dirty word. there ought to be the fact that the good people can come together, find common ground and keep in mind what's in the best interests of the economy of america and the taxpayer, and find a solution. putting this off and procrastination and kicking it on down the road is not an option. we as governors are saying get it done, it's going to impact our states. we're prepared to help you. we'll take less money as states. give us more flexibility, we'll fit within some parameters and we can
it's always easy for somebody to say let's tax the other guy, not me. i think part of the situation is going to be deciding revenue enhancements, whether that's closing loopholes or raising rates or as we've done in utah, grow the economy which is another way to increase revenue, and there's a debate on what cuts are going to be made and are entitlements on the table. so i expect that's going to be part of the discussion. what we're wanting to say to the congress and the president today,...
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discuss tax, then let's talk seriously about taxes. if we're going to talk about spending cuts, let's talk seriously about spending cuts. but we're not going to take care of this $16 trillion debt unless we do that. >> people have described what's happening in the gop as sort of a civil war. you have the tea party, sort of mainstream conservatives and then moderates, those that remain. and then there have been sort of calls, to fire, to get rid of john boehner. do you think that's going to happen? would you support that? >> well, i think there's a lot of unease in the conference. there's a lot of unrest at all levels. tea party versus moderate versus mainstream theme. people like me are out there, calling for reductions in pentagon spending, calling for working with the democrats. if you look at the four people removed from their committees, we have been willing to work with democrats on a lot of these tough spending issues. >> would you support the re-election of the speaker? or do you think he should be fired? >> well, we're going to
discuss tax, then let's talk seriously about taxes. if we're going to talk about spending cuts, let's talk seriously about spending cuts. but we're not going to take care of this $16 trillion debt unless we do that. >> people have described what's happening in the gop as sort of a civil war. you have the tea party, sort of mainstream conservatives and then moderates, those that remain. and then there have been sort of calls, to fire, to get rid of john boehner. do you think that's going...
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their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500, and payroll taxes could be $2,000 more next year. for a single 25-year-old in michigan who works for time earning $30,000 a year and going to school part time, his tax rate would stay the same at 15%, but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes would take effect, the impact is already being felt because of uncertainty. 401(k) plans are taking a hit. several companies have put a freeze on hiring. and the next thing to watch for, the retail sector which makes most of its money in the final weeks of the year. >> i'm shortening down the list a lot. just doing the essentials, taking care of the priorities first, and then trying to be pennywise and not dollar stupid. >> reporter: the national retail federation did a survey that 64% of americans are of whatting closely the negotiations and a lot of consumers are take a wait and see approach, r
their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500, and payroll taxes could be $2,000 more next year. for a single 25-year-old in michigan who works for time earning $30,000 a year and going to school part time, his tax rate would stay the same at 15%, but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes would take...
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that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >> reporter: they are going to go home. they are not going to be in session on thursday or friday. i asked the speaker whether that is got optics for the house to leave town while the fiscal cliff is so close in front of us and that is the answer, that he will be in town, ready, willing, and able to talk to the president at any time. so that was really the issue. the house republican leadership, i tell you, they say they simply don't have any legislation to put on the floor. that's why they are play sending their members home. they are hoping to get the mess
that's not a mandate to raise taxes. it's a mandate to work together. >> mandate to work together which means they may not go on their break which is expected. i heard the speaker tell you that he's going to tell you as well. quickly, dana, he's going to stay regardless of whether they go on break, right? >> reporter: right. and the question was the house of representatives is going to finish their work this week in about 45 minutes and it's only wednesday. >> right. >>...
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i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so divided. especially for my generation. we're the ones that are going to be handed down the $60 trillion deficit. they will come to a deal. but right now, it's political theater. and it's probably going to look like the simpson-bowles. that will come full-circle again. >> here's a problem the republicans have got themselves into. is obama has been very clever here, the president. i think what he's done is skillfully said to the public, if he goes over the fiscal cliff, the republicans are prepared to make the entire middle class to pay more tax
i want to be paying more taxes. i want our taxes to go to serve the policies of the country, education, charity, health care. i think that president obama's right about this. but i think compromise is going to be necessary to achieve some result. >> let me bring in abbe. your father is known as a moderate republican and a good dealmaker, a man who used to negotiate. what do you make of this? and what does he make of this? >> i think morale is so low right now. the country's so...
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let's talk taxes. not tax rates. deductions. one third of americans itemize their deductions when they file their income taxes. in fact, the higher your income, the more likely it is you itemize. according to cnn money, an analysis of irs data, a little more than half of middle income tax filers itemize deductions. 97% of tax filers who make more than a quarter of a million dollars a year itemize. they itemize on average $91,000 in tax deductions. lawmakers are considering some sort of limit to the deductions as part of a deal to avert the fiscal cliff. now, if congress were to enact limits to deductions of, say, $50,000, the rich will pay more regardless of their tax rates. how much more? well, our analysis shows on average $14,000 more. that's it for me from the cnn money newsroom in new york. i'm ali velshi. same time tomorrow. r advanced a. in fact, in a recent survey, 95% of people who tried it agreed that it relieved their headache fast. visit fastreliefchallenge.com today for a special trial offer. visit fastreliefchallen
let's talk taxes. not tax rates. deductions. one third of americans itemize their deductions when they file their income taxes. in fact, the higher your income, the more likely it is you itemize. according to cnn money, an analysis of irs data, a little more than half of middle income tax filers itemize deductions. 97% of tax filers who make more than a quarter of a million dollars a year itemize. they itemize on average $91,000 in tax deductions. lawmakers are considering some sort of limit to...
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. [ man ] in hong kong, on my way to the board meeting... anne's tablet called my phone. anne's tablet was chatting with a tablet in sydney... a desktop in zurich... and a telepresence room in brazil. the secure cloud helped us get some numbers from my assistant's pc in new york. and before i reached the top, the board meeting became a congrats we sold the company party. wait til my wife's phone hears about this. [ cellphone vibrating ] [ female announcer ] with cisco at the center, working together has never worked so well. i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. [ man ] in hong kong, on my...
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. our operations are safe and clean for our communities and the environment. we're america's natural gas. but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. anne's tablet called my phone. anne's tablet was chatting with a tablet in sydney.
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. our operations are safe and...
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over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. this december, remember -- m] you can stay in and share something... ♪ ♪ ...or you can get out there with your friends and actually share something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a m
over the next decade and tax reform rather than tax increases, so the republican mandate in the house was a lot clearer than obama's, who spent 86% of the pro-obama ads were trashing romney personally. so he won the right not to be romney but he didn't win the power to impose anything he wants. >> okay. hold that thought. robert, i want you to hold your response until we come back after the break. you've got about two minutes to make this really, really good. this december, remember -- m]...
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taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use euphemisms, but agree to cutting medicare and medicaid. and by the way, that means cutting for seniors and poor people and special needs kids. that is not an easy thing to ask anybody to do, let alone the democratic party. which really created these programs. this is going to be awful and gruesome, but 70 for 60 in your poll, 60% of americans want to raise taxes on well off americans. 70% don't want to cut or 80, don't want to cut medicare or medicaid, so the hard stuff is coming. this is the easy stuff. we can't even get the republicans to agree to that. >> we're out of time guys, nice to talk to you as always. i appreciate it. >>> next,
taxes and spending. what is an agreement that both sides can say yes, we each gave a little? >> the republicans must agree to higher tax rates on well off americans. all the way to the 39.6 that the president, they have to. that's the ticket for admission because the president won the election and campaigned on that. the democrats are going to have to agree. they'll use euphemisms, but agree to cutting medicare and medicaid. and by the way, that means cutting for seniors and poor people...
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how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program alone. >> and then this is not the only state because during this federal election there were two states that ended up on positive end of legalizing recreational marijuana. the other one being colorado. why do we not see a party there today? >> reporter: because they haven't made it legal yet. the governor there has to act before january 5th and then they will make it at some point legal to possess pot there as well. and then they'll have to go through the same process of setting up the rules to figure this out. advocat
how can you tax it? >> reporter: that's the huge piece that needs to be worked out by the washington state bureau of liquor that's going to run all of this just like they regulate liquor sales, they're going to regulate marijuana sales. they're going to license and tax the growing, the processing and retail sales for all marijuana all at 25% plus fees for every individual that goes into those various businesses. they project that in the first five years nearly $2 billion from this program...
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no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s and dot our "i"s, we still run into problems -- mainly other humans. at liberty mutual insurance, we understand. that's why our auto policies come with accident forgiveness if you qualify, where your rates won't go up due to your first accident, and new car replacement, where if you total your new car, we give you the money for a new one. call... to talk to an insurance expert about everything else that comes standard with our base auto policy. [ tires squeal ] and if you get into an accident and use one of our certified repair shops, your repairs are guaranteed for life. call... to switch, and you could save hund
no, it's worse -- look, our taxes are about to go up. not the taxes on our dividends though, right? that's a big part of our retirement. oh, no, it's dividends, too. the rate on our dividends would more than double. but we depend on our dividends to help pay our bills. we worked hard to save. well, the president and congress have got to work together to stop this dividend tax hike. before it's too late. [ "the odd couple" theme playing ] humans. even when we cross our "t"s...
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but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other entitlements, that's $ 00 billion less than in the speaker's counteroffer and this would force congress to give up its debt limit vote which is a nonstarter for house republicans. the white house saying that boehner counteroffer is nothing new, that it lacks specifics. but i will tell you, zoraida, that one house democratic aid telling cnn that it passed the laugh test. so certainly i guess it could have been worse in some estimations by democrats. >> i suspect some people were laughing. brianna keilar live at the white house for us, thank you. in the next
but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other...
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loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fact is if there's another way to get revenue from upper income americans that doesn't hurt our economy, then would wouldn't he consider it? >> reporter: that's are publicly unchanged position was a deadline that's set. whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >> i think we're going over the cliff. it's pretty clear to me they've made a political calculation. >> if they are going to force higher rates on virtually all americans because they're unwilling to let tax rates go up on 2% of americans, then, you know, that's the choice they're going to have to make. >> emily joins us live from washington. emily, the zinger sound bites, they're all piling up. what is the actual strategy behind all this political theater? what are you hearing from the republicans and from the democrats? >> reporter: you know, less than a month out now from going over the fiscal cliff. even talk about p
loopholes and reform the tax code, on the table instead of raising tax rates for anyone. >> the fact is if there's another way to get revenue from upper income americans that doesn't hurt our economy, then would wouldn't he consider it? >> reporter: that's are publicly unchanged position was a deadline that's set. whether political theater or political reality, there's more mention going over the fiscal cliff could go beyond hypothetical. >> there's clearly a chance. >>...
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is it too late to save you from paying higher taxes? i'll ask my all-star panel. >>> and she's a fine girl. my old friend brandi back in the spotlight and speaking from the heart about her mentor, whitney houston. >> i felt like i wasn't there enough for her at the end of her life. >> this is "piers morgan tonight." >>> good evening. we begin tonight with our big story, the reality from an estimated 46 million americans. simply put, they can't afford to eat. they live on food stamps. these are men, women and children in america. hunger is not just a third world problem. it's a massive problem right here in the united states right now. cory booker is determined to tackle it. the newark mayor is doing some pretty extraordinary this week, living off food stamps himself, just food stamps. he has just $29 and change for seven days' worth of food. this is what he bought. life-changing experience for him, what he sees as a wake-up call in all of america. he hasn't talked to anyone on camera after starting this but that changes tonight. joining
is it too late to save you from paying higher taxes? i'll ask my all-star panel. >>> and she's a fine girl. my old friend brandi back in the spotlight and speaking from the heart about her mentor, whitney houston. >> i felt like i wasn't there enough for her at the end of her life. >> this is "piers morgan tonight." >>> good evening. we begin tonight with our big story, the reality from an estimated 46 million americans. simply put, they can't afford to...
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number two, talk about the tax reform that will get to rich. or broaden the base of the tax base. including more people paying taxes. this is a joke on top of joke, andly give you this. entitle reform are good ideas. calling the -- >> dana: i thought bush tax cuts only help the rich. i defended that for eight years. >> eric: get greg in here. bob calls this a joke of a joke. republicans suggest $600 billion in more taxes. >> yeah. >> dana: $800 billion. >> eric: sorry. $800 billion. the white house plan is no spending cuts. >> greg: obama calls this balanced approach and this is as balanced as rosanee drunk in an earthquake. people say why do you defend these people? i'm not. you don't compromise on that. that is a stage eating steak or chicken or prairie chicken which we'll talk about later. obama only has a desire to raise taxes on the rich. all you know he wants to do it. run government for eight days and the taxes. the only reason why he is doing that is emotional gratification to feed the left, people he tries to appease. >> kimberly: it's appeas appeasement. >> bob: mostly w
number two, talk about the tax reform that will get to rich. or broaden the base of the tax base. including more people paying taxes. this is a joke on top of joke, andly give you this. entitle reform are good ideas. calling the -- >> dana: i thought bush tax cuts only help the rich. i defended that for eight years. >> eric: get greg in here. bob calls this a joke of a joke. republicans suggest $600 billion in more taxes. >> yeah. >> dana: $800 billion. >> eric:...
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and when these people zero in-- as erskine said they zero in on taxes, taxes, taxes, we said you've got revenue one to four, three times spending cuts versus one of revenue, but you go into the code and like this one, you go to home mortgage interest deduction and the housing industry guys, all the lobbyists go nuts. we said, look, we're not going to take it away from you but it doesn't need to be a million buck on a second home. we said take it to 500,000, give everybody a 12.5% nonrefundable tax credit which helps the little guy. and they go, "oh, yeah, i guess that might work." everybody is in the game. this will be savagery, full-page ads, ladies, old charge, veterans, simpson-bowles are doing their tricks out there. hang on tight. it's going to be a real, real struggle. >> schieffer: let me just ask you, you caught a lot of people's attention, including ourselves last week, when you did this video on internet to try to get young people-- >> eskind, will you quit laughing. i can hear efers kin hear erskine laughing. >> stop instagramming your breakfast and tweeting your first world
and when these people zero in-- as erskine said they zero in on taxes, taxes, taxes, we said you've got revenue one to four, three times spending cuts versus one of revenue, but you go into the code and like this one, you go to home mortgage interest deduction and the housing industry guys, all the lobbyists go nuts. we said, look, we're not going to take it away from you but it doesn't need to be a million buck on a second home. we said take it to 500,000, give everybody a 12.5% nonrefundable...
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i can do the rest of my taxes for me. >> greg: adorable. here is where it gets delightful. >> schools, public safety, the roads, parks. libraries. public transportation. all in decline. rich people didn't care. they said get what they deserve. ordinary people wonder why rich people needed so much money. the 1% said don't worry. this is good for you, too! because it will trickle down from us to you. >> greg: ah, yes. is there any better lesson for your kids than saying the rich pee on the poor? you know it's bad when shanghai has more in common with traditional values than california does. we have in-house training film for occupy wall street, guaranteeing another generation of the angry deserved class warriors in ten years. what the video shows is how bitter and ugly progressives can be. for a moment i thought it was a parody but it's real. it's accurate depiction of the envy-driven left than you'll see and brought to you from california teachers. the people who want to put the grimy greedy paws all over your kids' minds among other things.
i can do the rest of my taxes for me. >> greg: adorable. here is where it gets delightful. >> schools, public safety, the roads, parks. libraries. public transportation. all in decline. rich people didn't care. they said get what they deserve. ordinary people wonder why rich people needed so much money. the 1% said don't worry. this is good for you, too! because it will trickle down from us to you. >> greg: ah, yes. is there any better lesson for your kids than saying the rich...
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the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for it. debt doesn't matter. >> bob: respond to the social security thing. >> eric: obama in october of 2008 before he was president obama. season. >> the way bush has done it, over the last eight years is to take out a credit cardback of china in the game of the children, driving up the national debt. that is irresponsible and unpatriotic. >> eric: unpatriotic. $5 trillion in debt. president obama will add ten, 11, 12 trillion in debt. when he is done with this. >> for years, president obama running when he was senator, running for president always said that the bush tax cuts were only for the rich and only benefit the rich. now he says that the republicans ar
the taxes go up 9,000%. writers of the simpson, the taxes will skyrocket. this isn't a joke. >> bob: you are right. but this is not going to happen. there is adjustment to social security. real cuts. >> eric: you know what -- >> bob: can i say something? >> eric: you add ornaments to add things. in obama added this little thing the other day. he said i don't want a debt ceiling or bound like it going for it. debt doesn't matter. >> bob: respond to the social...